Core Viewpoint - Haoyuan Pharmaceutical announced the approval of a capital increase of 50 million yuan to its subsidiary, Ouchuang Biotechnology, for the implementation of the fundraising project "New Drug Technology R&D Center" [2] Group 1 - The fourth meeting of the Audit Committee of the fourth Board of Directors was held on November 19, 2025 [2] - The company plans to use part of the raised funds for the development of new drug technology [2] - The decision was made to support the subsidiary's project aimed at enhancing research and development capabilities [2]

Core Points - Haoyuan Pharmaceutical announced that its stock has triggered the conditional redemption clause for its convertible bonds due to the closing price exceeding 130% of the conversion price for 15 out of 30 trading days [2] - The company decided not to exercise the early redemption rights for the "Haoyuan Convertible Bonds" during the upcoming six-month period [2] - Future assessments for potential redemption will be conducted after May 20, 2026, if the redemption clause is triggered again [2]

Investment Rating - The report suggests focusing on globally competitive CXO companies such as WuXi AppTec, WuXi XDC Cayman, WuXi Biologics Cayman, Pharmaron, Asymchem Laboratories, Porton Pharma Solutions, and Zhejiang Jiuzhou Pharmaceutical [29][30] Core Insights - The overseas CXO industry has confirmed a bottom in prosperity and is showing signs of structural recovery. The industry has passed the cyclical bottom, but recovery is characterized by significant structural differentiation [30] - Clinical CROs like IQVIA and Medpace are leading the recovery with strong orders and guidance, while CDMOs such as Lonza demonstrate resilience through long-term contracts. Preclinical CROs and research services are still stabilizing, with improving inquiry or order cancellation rates [30][31] - The overall recovery strength and sustainability will depend on the continuation of enthusiasm in biotech financing [30] Summary by Sections 1. Overseas CXO Industry Q3 2025 Performance Review - The overseas CXO industry has shown a structural recovery trend, with significant differentiation in recovery across sectors. Clinical CROs are leading the recovery, while preclinical CROs and research services are still in a stabilization phase [8][30] 2. Leading Company Analysis 2.1 Charles River - The company is nearing a performance bottom, with Q3 revenue at $1 billion and an organic growth rate of -1.6%. The management has raised the full-year revenue and EPS guidance, indicating a positive outlook for 2026 [15][16] 2.2 Samsung Biologics - The company reported a strong Q3 performance with revenue of 1.66 trillion KRW, a 40% YoY increase. The CDMO segment continues to grow, with a full-year revenue growth guidance of 25%-30% [19][20] 2.3 Lonza - Lonza's Q3 performance met expectations, with CDMO business projected to grow by 20%-21% YoY. The company is experiencing strong demand in its core business segments [24][25] 3. Key Financial Metrics - The report includes financial forecasts for various companies, indicating expected revenue growth and profitability metrics for 2025-2027. For instance, WuXi AppTec is expected to have an EPS of 5.42 in 2025, with a PE ratio of 18 [26]

Core Viewpoint - The company, Haoyuan Pharmaceutical, has approved a capital increase of 50 million yuan to its subsidiary, Ouchuang Biotechnology, for the implementation of a new drug technology research and development center project [1] Group 1 - The fourth meeting of the Audit Committee and the fourteenth meeting of the Board of Directors were held on November 19, 2025 [1] - The decision to use part of the raised funds for the capital increase was made during these meetings [1] - The funds will specifically support the "New Drug Technology R&D Center" project [1]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-122 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于不提前赎回"皓元转债"的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 自 2025 年 10 月 30 日至 2025 年 11 月 19 日期间，上海皓元医药股份有 限公司（以下简称"公司"或"皓元医药"）股票满足在连续三十个交易日中有 十五个交易日的收盘价不低于"皓元转债"当期转股价格（40.47 元/股）的 130%（含 130%，即 52.61 元/股），已触发《上海皓元医药股份有限公司向不特 定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）中规定 的有条件赎回条款。 公司于 2025 年 11 月 19 日召开第四届董事会第十四次会议，审议通过 了《关于不提前赎回"皓元转债"的议案》，决定本次不行使"皓元转债"的提 前赎回权利，不提前赎回"皓元转债"。 未来 ...

国联民生证券承销保荐有限公司 关于上海皓元医药股份有限公司 使用部分募集资金向子公司增资 以实施募投项目的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 机构"）作为上海皓元医药股份有限公司（以下简称"皓元医药"或"公司"）向 不特定对象发行可转换公司债券的持续督导机构，根据《证券发行上市保荐业务 管理办法》《上海证券交易所科创板股票上市规则》《上市公司募集资金监管规则》 以及《科创板上市公司持续监管办法（试行）》等有关法律法规和规范性文件的 要求，对皓元医药使用部分募集资金向子公司增资以实施募投项目的事项进行了 核查，具体情况如下： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意上海皓元医药股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2024]1289 号）同意，公司向 不特定对象发行 82,235.00 万元的可转换公司债券，期限 6 年，每张面值为人民 币 100 元，发行数量为 822,350 手（8,223,500 张）。本次发行的募集资金总额为 人民币 822,350,000.00 元，扣除不含税的发行费用 1 ...

国联民生证券承销保荐有限公司 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意上海皓元医药股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2024]1289 号）同意，公司于 2024 年 11 月 28 日向不特定对象发行 822.35 万张可转换公司债券，每张面值为 人民币 100.00 元，发行总额 82,235.00 万元，期限 6 年。 （二）可转债上市情况 关于上海皓元医药股份有限公司 不提前赎回"皓元转债"的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 机构"）作为上海皓元医药股份有限公司（以下简称"皓元医药"或"公司"）向 不特定对象发行可转换公司债券的持续督导机构，根据《证券发行上市保荐业务 管理办法》《可转换公司债券管理办法》《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 12 号— —可转换公司债券》以及《上海证券交易所科创板股票上市规则》等有关法律法 规和规范性文件的要求，对皓元医药不提前赎回"皓元转债"的事项进行了核查， 具体情况如下： 经上 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-121 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于使用部分募集资金向子公司增资以实施募投项 目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次增资事项已经公司第四届董事会审计委员会第七次会议和第四届董 事会第十四次会议审议通过，无需提交股东会审议批准。 本次增资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形，不会对公司的财务状况和未来经营成果造成重大不利 影响。 公司于 2025 年 11 月 19 日召开第四届董事会审计委员会第七次会议、第四 届董事会第十四次会议，审议通过了《关于使用部分募集资金向子公司增资以实 施募投项目的议案》，同意公司使用募集资金 5,000.00 万元向子公司欧创生物增 资，用于实施募投项目"欧创生物新型药物技术研发中心"。 一、募集资金基本情况 增资标的名称：合肥欧创基因 ...

皓元医药公告称，公司拟使用部分可转债募集资金5000万元向子公司欧创生物增资，实施"欧创生物新 型药物技术研发中心"项目。此前公司已与欧创生物其他股东签署《股权转让协议》，受让其持有的股 权，待工商变更完成后，欧创生物将成全资子公司。此次增资已获董事会审计委员会和董事会审议通 过，不构成关联交易和重大资产重组。欧创生物2025年1 - 9月营收7048.80万元、净利润86.18万元。 ...

Market Overview - The medical services sector experienced a decline of 1.09% on November 19, with Jiuzhou Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Jiuzhou Pharmaceutical (603456) saw a significant drop of 6.24%, closing at 20.12, with a trading volume of 446,900 shares and a turnover of 915 million [2] - Other notable declines included Zhaoyan New Drug (603127) down 5.08% and ST Zhongzhu (600568) down 5.04% [2] - In contrast, some stocks like WuXi AppTec (603259) and Haoyuan Pharmaceutical (688131) showed slight increases of 0.95% and 0.34%, respectively [1] Capital Flow Analysis - The medical services sector experienced a net outflow of 885 million from institutional investors, while retail investors saw a net inflow of 877 million [2][3] - The data indicates that institutional investors are pulling back, while retail investors are actively buying into the sector [3] Stock-Specific Capital Flow - WuXi AppTec (603259) had a net inflow of 66.82 million from institutional investors, while it faced a net outflow of 15.56 million from retail investors [3] - Other stocks like Yinuo Pharmaceutical (688710) and Sunshine Nuohua (688621) also showed mixed capital flows, with varying degrees of institutional and retail investor activity [3]